Instead, any resulting deal would see SJ Berwin become one of four partnerships under KWM’s Swiss Verein and its name, a fixture of the UK market since since the firm was founded in 1982 by Stanley Berwin, disappear forever.

The deal raises many questions, not least how the UK firm will deal with pesky security issues, although as a verein it may feel shielded from any potential negative impact. After all, Mallesons seemed to be ok with it.

It also answers a few questions, such as what exactly strategy director Rachel Reid and managing partner Rob Day were doing mooching around Hong Kong a week ago.